Covenant Logistics Group (NYSE:CVLG) Hits New 52-Week High – Time to Buy?

Covenant Logistics Group, Inc. (NYSE:CVLG)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $27.81 and last traded at $27.74, with a volume of 190917 shares. The stock had previously closed at $27.09.

Analysts Set New Price Targets

Several brokerages recently issued reports on CVLG. Zacks Research downgraded shares of Covenant Logistics Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, January 21st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Covenant Logistics Group in a research note on Friday, January 9th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $30.00.

Covenant Logistics Group Stock Performance

The company’s fifty day moving average price is $23.48 and its two-hundred day moving average price is $22.66. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.98 and a current ratio of 1.01. The firm has a market capitalization of $694.89 million, a PE ratio of 126.10 and a beta of 1.21.

Covenant Logistics Group (NYSE:CVLG) last released its earnings results on Thursday, January 29th. The company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.01). Covenant Logistics Group had a net margin of 0.62% and a return on equity of 9.57%. The company had revenue of $295.37 million during the quarter.

Hedge Funds Weigh In On Covenant Logistics Group

Several hedge funds and other institutional investors have recently modified their holdings of CVLG. Wesbanco Bank Inc. purchased a new stake in shares of Covenant Logistics Group during the 4th quarter worth about $474,000. Polaris Capital Management LLC grew its stake in Covenant Logistics Group by 1,061.0% during the fourth quarter. Polaris Capital Management LLC now owns 56,682 shares of the company’s stock worth $1,249,000 after buying an additional 51,800 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH increased its position in shares of Covenant Logistics Group by 2.7% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 80,350 shares of the company’s stock worth $1,771,000 after acquiring an additional 2,143 shares in the last quarter. State of Alaska Department of Revenue increased its position in shares of Covenant Logistics Group by 204.6% in the fourth quarter. State of Alaska Department of Revenue now owns 3,515 shares of the company’s stock worth $77,000 after acquiring an additional 2,361 shares in the last quarter. Finally, Daytona Street Capital LLC purchased a new position in shares of Covenant Logistics Group in the 4th quarter valued at $220,000. 83.72% of the stock is owned by institutional investors and hedge funds.

Covenant Logistics Group Company Profile

Covenant Logistics Group provides a comprehensive suite of transportation and logistics services across North America. The company’s core offerings include less?than?truckload (LTL) and full truckload hauling, temperature?controlled freight, intermodal transportation and freight brokerage. Covenant also delivers specialized solutions such as expedited “hot?shot” deliveries, cross?border shipping to Canada and Mexico, and dedicated contract carriage for time?sensitive or high?value shipments.

With a network of service centers, terminals and partner carriers strategically located throughout the United States, Covenant supports diverse industries including food and beverage, automotive, retail, energy and manufacturing.